Stanley Black & Decker Q1 Profit Rises; Lifts Low End Of 2014 EPS Guidance

(RTTNews) - Stanley Black & Decker (SWK) reported that its first-quarter net income to shareowners increased to $161.9 million or $1.02 per share, from $81.1 million or $0.51 per share, previous year. Earnings per share from continuing operations was $1.05, compared to $0.53, a year ago. Normalized earnings per share from continuing operations was $1.07 for the quarter. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.96 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $2.64 billion compared to $2.48 billion. Analysts expected revenue of $2.60 billion for the quarter.

The company raised the low end of its previously communicated 2014 earnings per share outlook to $5.35 to $5.50 on an adjusted basis or $5.23 to $5.38 on a GAAP basis. Analysts expect the company to report fiscal 2014 earnings per share of $5.38.